OLD REPUBLIC REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025

Overall Results - Old Republic International Corporation reported a net income of $204.4 million for Q2 2025, a significant increase from $91.8 million in Q2 2024 [6][7] - Net income excluding investment gains (losses) was $209.2 million, reflecting a 3.3% increase year-over-year [6][7] - The combined ratio for the quarter was 93.6%, slightly improved from 93.5% in the previous year [6][9] Earnings Per Share - Diluted net income per share was $0.81, compared to $0.35 in the same quarter last year, marking a substantial increase [2][6] - Net income excluding investment gains (losses) per diluted share rose to $0.83, a 9.2% increase from $0.76 in Q2 2024 [2][6] Shareholders' Equity - Total shareholders' equity reached $6,185.6 million as of June 30, 2025, up 10.1% from $5,618.9 million at the end of 2024 [3][20] - Book value per share increased to $25.14, reflecting a 10.1% rise from $22.84 [3][20] Financial Highlights - Total operating revenues for Q2 2025 were $2,215.8 million, an increase of 10.1% from $2,012.2 million in Q2 2024 [7] - Net premiums and fees earned were $1,994.6 million, up 11.0% year-over-year [5][8] - Net investment income increased by 2.4% to $171.5 million [5][9] Specialty Insurance Segment - Specialty Insurance net premiums earned increased by 14.6% for Q2 2025, driven by premium rate increases and high renewal retention [11][14] - The segment's underwriting income rose by 40.9% to $119.9 million compared to the previous year [11][12] - The combined ratio for Specialty Insurance improved to 90.7% from 92.4% in Q2 2024 [11][15] Title Insurance Segment - Title Insurance net premiums and fees earned grew by 5.2% for the quarter, with agency-produced revenues increasing by 7% [16][17] - The segment's combined ratio increased to 99.0%, up from 95.4% in the same quarter last year [16][18] Corporate & Other Segment - Corporate & Other reported a significant decline in net premiums earned, down 46.6% to $2.3 million [19] - The segment's pretax operating loss was $10.5 million, compared to a profit of $5.2 million in Q2 2024 [19] Investment Portfolio - As of June 30, 2025, the investment portfolio consisted of approximately 84% fixed income securities and 16% equity securities [21][22] - The investment management strategy focuses on quality investments to ensure the stability of the insurance underwriting subsidiaries' obligations [21][22]